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Dec 29, 2012
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now, the majority leader senator reid said he's readying a bill for a vote on monday to prevent a tax hike on incomes up to $250,000. senator reid said his bill will include all of the additional provisions that the president outlined that include long-term unemployment benefits, a continuation of those. that would be sort of the plan b for democrats simply because what they would rather do is get a bill with senator reid working in conjunction with senator mcconnell. senator reid said he's awaiting good faith proposals from the republicans. president obama said after the meeting that he is modestly optimistic a deal can be reached, but as you can hear from senator reid, the president asked that if a deal between republicans and democrats cannot be reached, then the president wants just an up or down vote on what he wants, which is quite simply no income tax rates going up for people making $250,000 and under. and an extension of long-term unemployment benefits. and that's of course for the long-term unemployed as well as what's known as a dock fix which has to do with medicare paymen
now, the majority leader senator reid said he's readying a bill for a vote on monday to prevent a tax hike on incomes up to $250,000. senator reid said his bill will include all of the additional provisions that the president outlined that include long-term unemployment benefits, a continuation of those. that would be sort of the plan b for democrats simply because what they would rather do is get a bill with senator reid working in conjunction with senator mcconnell. senator reid said he's...
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Dec 24, 2012
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tax group that i run, we want to continue the tax -- lower tax rates for all americans. we want to go to the tax reform that's in the paul ryan budget. the house of representatives has already pass ed twice the ryan budget, which reforms taxes for all americans, takes the top rate to 25%, which is what the europeans do for the business community. we want to go there. how do you get there? i'm not sure that defeating plan b strengthens our ability to get there. i think, in fact, that plan b was a good step in the right direction towards protecting and continuing the tax cuts for everybody. >> and do you think that republicans sort of shot themselves in the foot because they defeated this. at the end of the day, the votes might be there for tax increases that from the republican perspective, are even worse than what the speaker offered that they wouldn't let him even bring up for a vote. >> as i read the speaker's proposal, plan b, i thought it moved us in the direction of maintaining all the bush tax cu cuts. look, this is not a fight that begins and ends the first week o
tax group that i run, we want to continue the tax -- lower tax rates for all americans. we want to go to the tax reform that's in the paul ryan budget. the house of representatives has already pass ed twice the ryan budget, which reforms taxes for all americans, takes the top rate to 25%, which is what the europeans do for the business community. we want to go there. how do you get there? i'm not sure that defeating plan b strengthens our ability to get there. i think, in fact, that plan b was...
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Dec 29, 2012
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and the pledge is slowly, grover norquist, anti-tax pledge, which is no way to run a business or the government. revenues are important if you understand a balance sheet. and that thing has haunted us for a long time and is slowly losing. >> krystal ball, the biggest loser. >> mine in part, karl rove, people thought if they didn't like him, he was very smart. he exposed himself to not be very smart on election night over at that other network. >> we only have two people left who may please me by choosing donald trump. alex wagner, the biggest loser of 2012? >> donald trump -- >> correct, correct, you get the ipad. >> i hate to disappoint you, it is shelden addelson -- the house lost. >> steve. >> i want an ipad, but the big loser, the name for generations, the gold standard in public opinion polling. gallup, all of october, on election day said romney has an advantage, going to win this, and people are going to look more skeptically at the gallup polls. >> let's see if silver comes up in the category, biggest winner, again, i'm going to go first, because once again, i couldn't be mor
and the pledge is slowly, grover norquist, anti-tax pledge, which is no way to run a business or the government. revenues are important if you understand a balance sheet. and that thing has haunted us for a long time and is slowly losing. >> krystal ball, the biggest loser. >> mine in part, karl rove, people thought if they didn't like him, he was very smart. he exposed himself to not be very smart on election night over at that other network. >> we only have two people left...
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Dec 28, 2012
12/12
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with incomes of $174,000, they'll pay some $7,500 more in taxes. and it's not just taxes. on january 1, unemployment benefits expire for some 2 million people. you can expect one last effort, including a meeting at the white house with congressional leaders to try to prevent the fiscal cliff from happening. but with just four days left until everybody's taxes go up, there's not a lot of optimism that it can be done in time. jonathan karl, abc news, new york. >>> tributes are pouring in for retired general norman schwarzkopf. the general, nicknamed stormin' norman, died yesterday in tampa from pneumonia. schwarzkopf commanded operation desert storm, the coalition of some 30 countries that drove iraqi forces from kuwait back in 1991. in retirement, he supported charitable causes and resisting calls to run for public office. norman schwarzkopf was 78. >>> for the second time this month, a man has been pushed to his death in the path of a new york subway train. last night, eyewitnesss say a mumbling woman shoved a man onto the tracks just as the train was pulling into an eleva
with incomes of $174,000, they'll pay some $7,500 more in taxes. and it's not just taxes. on january 1, unemployment benefits expire for some 2 million people. you can expect one last effort, including a meeting at the white house with congressional leaders to try to prevent the fiscal cliff from happening. but with just four days left until everybody's taxes go up, there's not a lot of optimism that it can be done in time. jonathan karl, abc news, new york. >>> tributes are pouring in...
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Dec 25, 2012
12/12
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celebrating christmas, but surely there is some more work to be done obviously trying to avoid the huge tax hikes, the spending cuts that are going to take affect for the new year. do we know if the president sen gauged in talks or negotiations regarding the fiscal cliff? >> reporter: we know the white house is at this point, suzanne. it's really the white house and senate democrats who are talking at this point. congressional democrats and republicans are not talking, and this is important to note as the senate is set to reconvene on thursday. at some point take up some sort of measure that harry reid will have cobbled together hoping to get some republican support. but right now it is possible, of course, to resolve this. it's also possible according to a lot of sources that we're talking to that we do go over the cliff, but at this point the white house talking to senate democrats about what their proposal is that they'll be putting out here in the nex week. >> if there was some break through i'm assuming the president would cut his vacation short and go back to washington? is that what
celebrating christmas, but surely there is some more work to be done obviously trying to avoid the huge tax hikes, the spending cuts that are going to take affect for the new year. do we know if the president sen gauged in talks or negotiations regarding the fiscal cliff? >> reporter: we know the white house is at this point, suzanne. it's really the white house and senate democrats who are talking at this point. congressional democrats and republicans are not talking, and this is...
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Dec 24, 2012
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because they know that we don't want to increase taxes. so i do think everyone coming toe, and it's going to take everyone, the president, the vice president, the house and sena senate. >>> are you saying there's several dozen that did not support plan b, they were not looking at this practically? >>> i agree with them. however, we're at a point where we will not get what we think is right for our economic and country, because we don't control government. so we've got to work within the system we have. i think 250,000 as a threshold is way too low. we can't do that to people who have a lot of expenses. we need to up that amount that president obama wants to raise taxes on. >> he was putting it at 400,000 senator, i want to move to the issue of guns. we heard what ray lapierre said earlier. he was singling out one of your colleagues. i want you to listen to part of his interview. >> you could ban all diane fine stein, done whatever you said to. she had insure bean and columbine occurred. >> is the revival of that ban, is that going to pass?
because they know that we don't want to increase taxes. so i do think everyone coming toe, and it's going to take everyone, the president, the vice president, the house and sena senate. >>> are you saying there's several dozen that did not support plan b, they were not looking at this practically? >>> i agree with them. however, we're at a point where we will not get what we think is right for our economic and country, because we don't control government. so we've got to work...
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Dec 28, 2012
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we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on the table and investing for economic growth on the table. we need to stop having a discussion about who the bad guy is and start getting serious about getting this done. >> good luck on sunday night. we're all looking forward to seeing what you guys get done on sunday night when you're back in session. it's good to have you on. we have a market flash. >>> michelle, want to take a check on the share of facebook today. reversing some of the losses on reports that ichb stay gram had lost 25% of its users since it changed its s
we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on...
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Dec 31, 2012
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tax. we are hearing that in the talks on the fiscal cliff there may be a permanent fix to the alternative minimum tax. so it protects the middle class from his alternative tax system which basically was even nactd 1969 so the rich pay some kind of tax. but it's not indeksd to inflation every year. congress has to enact a patch to that. but without it h ann r block is putting out a warning say 28 million of you would have to pay the alternative minimum tax. it's $86 billion. h & r block says if you are expect a tax refund next april if you make $85,000 and you have got two kids. with this tax your refund check could turn into a $1,400 tax bill. but even without the fiscal cliff deal, here is what people's tax rates would look like if there was no deal. you will see the income levels to the left, the current tax bill owed and if the fiscal cliff hits you can see the increase there. the difference is pretty substantial. even down to the $250,000. separate from all this, in health reform we ar
tax. we are hearing that in the talks on the fiscal cliff there may be a permanent fix to the alternative minimum tax. so it protects the middle class from his alternative tax system which basically was even nactd 1969 so the rich pay some kind of tax. but it's not indeksd to inflation every year. congress has to enact a patch to that. but without it h ann r block is putting out a warning say 28 million of you would have to pay the alternative minimum tax. it's $86 billion. h & r block says...
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the taxing authority. we have the constitutional authority and duty to go in there and tax and spend and create that budget. also we beat up obama and rightly so for the lack of transparency in the obama care debate and we are having four people negotiate the budget. put it back into paul ryan's hands and let's lead. >> i heard paul ryan's name mentioned. of course, his office, don't look at us. we support boehner. but look, if there was some revolt, if this thing is real and people will start mentioning ryan and it builds and builds and builds, i mean would he be somebody who said no to that? >> i think he would say no very quick. he might have other plans perhapses in 2016 and running for speaker, win, lose or draw would be bad for all those plans. i consider are this rahmer to be a three beer rumor which is after about the third beer people like we should replace boehner and that sounds like a good idea and repeat that enough and then it becomes a rumor. look, the staff i talked to on the hill, even the
the taxing authority. we have the constitutional authority and duty to go in there and tax and spend and create that budget. also we beat up obama and rightly so for the lack of transparency in the obama care debate and we are having four people negotiate the budget. put it back into paul ryan's hands and let's lead. >> i heard paul ryan's name mentioned. of course, his office, don't look at us. we support boehner. but look, if there was some revolt, if this thing is real and people will...
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if they no taxes are going down, they will figure things. if they now taxes are staying the same, they will figure it out. right now it they are frozen -- they do not know. families are also in many ways frozen. they do not know whether they have to budget so that they will have $2,000 less next year. they do not know whether it will be $4,000. they do not now. the uncertainty is the fault of leaders who cannot get together. i think it is critical that we get a deal. i hope in the next couple of hours. to me -- somebody asked me, what is the difference if you get it now or five days from now? i say the difference is the uncertainty, this pall, an unnecessary and escalating crisis -- then you say, we do not have to do it now. we do it on the fourth. get it done. america wants us to get it done. the president has shown he is willing to be flexible. he has come out with some ideas i have had to except. he is willing. i know personally how strongly he feels that $250,000 should be where we draw the line in terms of tax breaks, but he was willing
if they no taxes are going down, they will figure things. if they now taxes are staying the same, they will figure it out. right now it they are frozen -- they do not know. families are also in many ways frozen. they do not know whether they have to budget so that they will have $2,000 less next year. they do not know whether it will be $4,000. they do not now. the uncertainty is the fault of leaders who cannot get together. i think it is critical that we get a deal. i hope in the next couple...
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keeping tax cuts for those making $250,000 a year or less. extending unemployment benefits and it would delay dramatic spending cuts until later next year. the top senate republican recognizes this is a critical time. >> we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to o his conference and so we will be working hard to try to see he if we can get there in the next 24 hours. >> among the questions to be answered, what level do you set extending the bush tax cuts? $250,000 income? $500,000 or $750,000. that will all get hammered out this sundby, by this sunday when house lawmakers are set to return. failure or a bad deal could have major economic impact if the markets react poorly. greta? >> greta: mike, thank you. and check your watches because we are only about 73 hours and 55 minutes away from the big event. that is how much time we have before the president, t
keeping tax cuts for those making $250,000 a year or less. extending unemployment benefits and it would delay dramatic spending cuts until later next year. the top senate republican recognizes this is a critical time. >> we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to o his conference and so we will be...
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it's a tax on the value of the equipment or the land that has already been taxed with a property tax or a tax on the equipment. so there is a reason to have some accommodation in the death tax so that we will not face more unemployed people who work for a family-owned business or farm, and that is a -- it is if not the number-one issue of the farm bureau of this country, it's certainly in the top two or three because they know, they know what it's like to have to sell land that is not productive at a value that is not realistic and pay a tax, and a 55% tax is pretty confiscatory. so, mr. president, i do hope that we can come together on a bipartisan basis because if we don't come together on a bipartisan basis, nothing will get done because we have the house that is looking to the united states senate, that is supposed to be the adult in the room, and they are looking at us to see how the votes turn out. and we need a large majority on both sides of the aisle to accepted to the house something that has a firm stamp of approval from this body. and we need the president to be a player
it's a tax on the value of the equipment or the land that has already been taxed with a property tax or a tax on the equipment. so there is a reason to have some accommodation in the death tax so that we will not face more unemployed people who work for a family-owned business or farm, and that is a -- it is if not the number-one issue of the farm bureau of this country, it's certainly in the top two or three because they know, they know what it's like to have to sell land that is not...
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Dec 28, 2012
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tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are two bills the house passed that are sitting in the senate. >> we ought to go over the fiscal cliff. i think we shouldn't make a deal where we're not -- we shouldn't raise taxes. we need entitlement reform, then we can talk. if there's no real entitlement reform, there's nothing we can do. democrats spend, spend, spend. now they have the bill, the fiscal cliff and they don't like the result. what are they going to do? it's time you actually put a stop -- >> we're going to have to leave it there. thank you very much. >> thank you. >> a case of extreme helicopter parents sued by their daughter for stalkin
tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are...
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estate tax goes to 50%. obamacare taxes for many individuals will be .9% on those earning over $200,000. that's another full percentage point. also we have a penalty tax will be imposed on the individuals. and also some employers. then on top of that we have, as kerry mention the, the alternative minimum tax patch. so we have five huge consequences right out of the box. you cover the economy every day. what does that mean to you and how does that affect the average person that will watch this go through? >> a lot of people entered the new year thinking i can't wait to file my taxes so i can get my tax return check. here is the irony and we will start from the bottom of the list. amt is my favorite thing to talk about because it's also known as the wealth tax. it was created 43 years ago because evil, greedy people were not paying their quote, unquote, fair share. this time it could affect $34 million people starting at $74,000. why? it was never indexed for inflation. it was one of these taxes put into plate
estate tax goes to 50%. obamacare taxes for many individuals will be .9% on those earning over $200,000. that's another full percentage point. also we have a penalty tax will be imposed on the individuals. and also some employers. then on top of that we have, as kerry mention the, the alternative minimum tax patch. so we have five huge consequences right out of the box. you cover the economy every day. what does that mean to you and how does that affect the average person that will watch this...
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tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think they gave it up. i don't think they had it. it's very tough for them to win against the white house like this. and a white house press corps that is not going to report anything negative against the president. >> eric: the ball is a debt ceiling. remember, all the negotiations, tell you, i'll get to greg, they have to go through the house. money negotiations go through the house. if the house says no on raising debt ceiling they can create havoc. go ahead. >> greg: i don't care anymore. >> kimberly: okay. you did last week? >> greg: as a human being in this discussion, i have already
tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think...
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peopleville to pay in because the alternative minimum tax won't be patched. taxes will go up. spending cuts over time will happen as well. the stock market, i think the stock market will be hit hard. but again, here i am saying, let's do this. i have the most to lose of anyone i know. it's the only way to fix the economy. it's the best thing for the economy. >> okay. take us through what each side is wanting. >> here's what the deal is. president obama wants tax cuts to expire for everyone except those making $250,000 a year. john boehner's plan "b" was anyone making under $1 million a year. neither seemed to work. it looked like president obottomma was coming back with the same deal, $250. they are miles apart. they are miles apart. >> there is a big divide. andrea, you were able to speak with a number of people on the hill. what reaction are you getting? >> well, the president has spread these stories and people in his administration that he is going to come to the table with a deal. we have been hearing that all week long. that did not happen. swan dive, we're going off the
peopleville to pay in because the alternative minimum tax won't be patched. taxes will go up. spending cuts over time will happen as well. the stock market, i think the stock market will be hit hard. but again, here i am saying, let's do this. i have the most to lose of anyone i know. it's the only way to fix the economy. it's the best thing for the economy. >> okay. take us through what each side is wanting. >> here's what the deal is. president obama wants tax cuts to expire for...
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it's a tax defrl. when speaker pelosi and democrats were in charge, they used the word pay go constantly. in other words, is there an offsetting pay for what you do? president bush's tax cuts were not paid for. they were anticipated to be grown out of. these are not anticipated to be grown out of. cdo has said 3.967. in other words, $4 trillion will be added to the debt over ten years with this tax cut unless we do some spending cuts to help offset it. right now the president's still in a spending mood. we need to get him in a savings mood. >> i want to clarify, you said it was after the new year's and they were partying. are you suggesting that mitch mcconnell and fellow republicans in the senate were drunk when she voted on this last night? >> of course not. i was having a little fun with you, wolf. it was after midnight t was a piece of legislation intended to be passable. not necessarily to be right. and this was in fact something that joe biden found a way to get the art of the possible. send some
it's a tax defrl. when speaker pelosi and democrats were in charge, they used the word pay go constantly. in other words, is there an offsetting pay for what you do? president bush's tax cuts were not paid for. they were anticipated to be grown out of. these are not anticipated to be grown out of. cdo has said 3.967. in other words, $4 trillion will be added to the debt over ten years with this tax cut unless we do some spending cuts to help offset it. right now the president's still in a...
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i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad demonstration passed before the last election and 90% of those hikes were delayed until after the president got himself reelected. then we have massive spending, $8 trillion in debt that obama's running up the next decade. republicans have several tools. right now we have very well leverage in the debate over the fiscal cliff because that stuff happens automatically but the idea of a debt ceiling increase, they've told obama if you want a trillion dollars in higher debt and he needs that eight times in the next decade, you have to cut spending a trillion dollars. >> here, i'll ask y
i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad...
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>> okay, if you tax people over $250,000. >> wait a second, okay. >> tax them over a million, you might bring in on the best of years, you might bring-- wait a second you might bring in 80 billion dollars for a year. 60 billion of that is already spoken for in storm damage relief hurricane sandy. you're doing nothing towards getting a deficit situation solved, nothing at all. >> that's it. >> and you slow the economy and the deficit is worse in the future. >> and the republican party say that we shouldn't have-- we're talking. >> what? >> rate-aphobes, and grover cleveland or whatever-- >> that's the president. >> and took millions off the roles, 0 probable did and a fair 10% tax bracket and-- >> and a lot of those people-- why do you jeopardize all of the tax cuts for rich people? >> people who understand this think that that defense is disgusting, for ten years all they said was that president bush only provided tax cuts that benefitted the rich. that was a talking point for years. all of a sudden, it's like, oak, well, he we didn't mean that. >> a lot of that was true. >> and in the
>> okay, if you tax people over $250,000. >> wait a second, okay. >> tax them over a million, you might bring in on the best of years, you might bring-- wait a second you might bring in 80 billion dollars for a year. 60 billion of that is already spoken for in storm damage relief hurricane sandy. you're doing nothing towards getting a deficit situation solved, nothing at all. >> that's it. >> and you slow the economy and the deficit is worse in the future. >>...
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the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what is the a terptive? $250,000 and above? we see obama not oftenning cuts at all. looking for spending. >> kimberly: managing the message very well. conciliatory. >> andrea: boehner did -- boehner has taken heat. in his defense he has taken a ton of flak on this. he has given a terrible hand of cards. but he came to the table. he tried to at least bring something to the floor. mitch mcconnell knows he can't pass anything, any tax cut for everyone under $1 million. kimberly, that wouldn't even pass the senate. >> juan: allow
the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what...
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that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have different ideas. they want to see more cuts in spending right now. >> arthel: thank you very much. >> gregg: congress is not only facing a fiscal cliff, it's up a dairy clarify, if you will. the current farm bill is set to expire on new year's day. if an extension of that is not passed, the farm policies would revert to laws back to 1949 and cost of milk, that could skyrocket. back then the government used a formula to calculate dairy prices that is much more expensive than it is today. one option said to be on the table is short term extension that woul
that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have...
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Dec 27, 2012
12/12
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they didn't even want millionaires to have any increase in taxes. those fanatics, being as fa nat cal as they are, might not even do what most of us assume they would do if we went over the curb and eventually come around. in other words, even the republicans as a whole are taking a shellacing in the polls, individual republicans, when they go back to their districts, they're most worried about being attacked from the right, having a primary challenger in 2014 from the right. so it's not exactly clear right now that the democrat strategy which i have been touting and you have been touting and most of us assume will be the strategy if we go over the curb, that is, come up with a bill that provides a middle class tax relief retroactive to the first of january, it's not 100% sure that's going to work any longer now that we know now fanatical the fanatics are. >> john, tell me how the republicans who refuse to go on with the boehner plan b could somehow, between now and new year's eve, go along with something else that was possibly less attractive to th
they didn't even want millionaires to have any increase in taxes. those fanatics, being as fa nat cal as they are, might not even do what most of us assume they would do if we went over the curb and eventually come around. in other words, even the republicans as a whole are taking a shellacing in the polls, individual republicans, when they go back to their districts, they're most worried about being attacked from the right, having a primary challenger in 2014 from the right. so it's not...
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Dec 30, 2012
12/12
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68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring the day after tomorrow or the end of the day tomorrow. we've known these automatic cuts, the so-called -- this was going to be happening for more than a year. aren't you a little embarrassed as leaders in the congress that it has gotten to this point that tomorrow is new year's eve, the day it all expires, and you still don't have an agreement? i mean, we've been having this argument for two years. >> it is embarrassing but almost every disagreement we've had is not because of a senate where we've had lots of -- we've come to agreement on many things. there are 50 hard right people in the house who don't want to comp
68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring...
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Dec 29, 2012
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that fica tax break we received the last two years, so, you know, the tax increases inasmuch as you think, but we push these things to crisis because the politicians, the lobbyists every chance to donate to their campaign and that's why everything is a crisis. three out of the last four years we've gone into the new year not knowing what the tax rates are, and i will be particularly disappointed if we get a 12-month patch and get to do it again the end of this year. >> well, you know, we have the spending cuts, we have the tax increases and we also have this debt selling, hit the 16.4 trillion dollar federal debt limit monday, december 31st according to the treasury department, extraordinary measure has to take place, to continue borrowing, how will the markets react to that? >> well, you know, that's another thing that i believe we just want to start getting some fatigue from this news and it being the news event of the day. news events have no long-term impact on stock prices. while they may go down in the short-term, i would use that as a buying opportunity to get your money empl
that fica tax break we received the last two years, so, you know, the tax increases inasmuch as you think, but we push these things to crisis because the politicians, the lobbyists every chance to donate to their campaign and that's why everything is a crisis. three out of the last four years we've gone into the new year not knowing what the tax rates are, and i will be particularly disappointed if we get a 12-month patch and get to do it again the end of this year. >> well, you know, we...
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Dec 31, 2012
12/12
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tax rates go up on everybody on january the 2nd. everybody in the country will get a tax increase. we are going over the fiscal cliff. it will destroy our military. the first things first, let's avoid going over over the cliff. there is a deal to be had somewhere between 400,000 and 500,000 on rates. let's make sure sure we put it and the deficit. you better hope that democrats and republicans say we are not going to borrow any more money. that means adjusting the age or medicare. means testing for medicare and social security and cpi adjustments for the rate of inflation. that's what i want to raise the debt ceiling. in august 2nd of this past year 2011 we borrowed $2.1 trillion the last time we raised the debt ceiling and we've gone through that money in 17 months. we are burning money up here and it has to stop. uma: some folks are saying, why not just go over the cliff and let the country deal with it as the chips fall on that one, because some believe it's the only way to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about
tax rates go up on everybody on january the 2nd. everybody in the country will get a tax increase. we are going over the fiscal cliff. it will destroy our military. the first things first, let's avoid going over over the cliff. there is a deal to be had somewhere between 400,000 and 500,000 on rates. let's make sure sure we put it and the deficit. you better hope that democrats and republicans say we are not going to borrow any more money. that means adjusting the age or medicare. means testing...
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Dec 29, 2012
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but it will include the education tax credit and the child tax credit and the earned income tax credit. these are refundable tax credits that affect mostly low-income people. so that will be on the table. but, you know, the republicans, the disdain that i have seen for poor people, from people who are struggling, like senior citizens on medicare and social security, for low-income people and the women, infant, and children program, we saw the republicans last week vote to spending cuts that would literally take food out of the mouths of hungry babies and in this country, you want to talk about crisis, fiscal crisis, et cetera, a crisis is that one out of five american children is hungry at some point during the year. that is just immoral. and they voted to even cut that. and so i agree with you. i think we have to talk about the consequences for real people. middle class, and as the president said tonight, those who aspire to the middle class. and that would include the unemployed right now, and we're going to extend unemployment insurance benefits. >> yeah, that's critical. gop source
but it will include the education tax credit and the child tax credit and the earned income tax credit. these are refundable tax credits that affect mostly low-income people. so that will be on the table. but, you know, the republicans, the disdain that i have seen for poor people, from people who are struggling, like senior citizens on medicare and social security, for low-income people and the women, infant, and children program, we saw the republicans last week vote to spending cuts that...
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Dec 31, 2012
12/12
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epublicans want tax rates to stay where they are. taxes seem to be he biggest obstacle to a coopromise. but others want to see government spending ppt in cceck."the about the addiction thht his administrrtion has to spending. he's the spender in he's wiiling to do that."i s offered over a trillion dollars in additional spending dollars of spending cuts ffr o revenue.""the senate stands in - recess"the senate reconvenes at 11-a-m. so as americans 20013, they may waae up of wishing it were 20-12, when they had more money in their pockets. i'' andrew spencer reporting. even if lawmakers don't come to ngreement tonight... you probably on't see a drastic change in yourrnext paycheck. that's ecause bussnesses likely used 20-12 withholding rates... uncertain abouttwhat would happen. happee.iffyouuwant to ee how much your taxes woulddgo up without the fissal cliff agreement.. go to foobaltimroe dot ccm slass morning. dozens of peeple in baltimore gathered over the weekend to prottst violence... targeted at gaas anddlesbians. lesbians.it come
epublicans want tax rates to stay where they are. taxes seem to be he biggest obstacle to a coopromise. but others want to see government spending ppt in cceck."the about the addiction thht his administrrtion has to spending. he's the spender in he's wiiling to do that."i s offered over a trillion dollars in additional spending dollars of spending cuts ffr o revenue.""the senate stands in - recess"the senate reconvenes at 11-a-m. so as americans 20013, they may waae up...
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Dec 31, 2012
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parents very closely looking at four key tax goodies that they get in the tax code. one of those could go away. there's a child tax credit. it could be cut in half or zeroed out for married couples making $110,000 more. they can claim a smaller deduction for day care. an earned income tax credit close to $6,000 and there's something called the american opportunity tax credit, suzanne. it's designed to help lower income families pay for college. it was born out of the stimulus in 2009. that would revert it to a small amount. all of these are things parents enjoy right now. it means working families with children would see a higher tax bill as well. >> all right. we are waiting and watching what happens here in washington on congress and on the hill to make sure that people don't go through all of this because it is an extraordinary development and could mean a lot of people very much suffering because of it. thank you, christine. appreciate it. the bottom line, taxes could go up in the next 12 hours. everybody watching negotiations in washington, they want a deal. peo
parents very closely looking at four key tax goodies that they get in the tax code. one of those could go away. there's a child tax credit. it could be cut in half or zeroed out for married couples making $110,000 more. they can claim a smaller deduction for day care. an earned income tax credit close to $6,000 and there's something called the american opportunity tax credit, suzanne. it's designed to help lower income families pay for college. it was born out of the stimulus in 2009. that...
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Dec 28, 2012
12/12
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it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began, several participants were seen leaving. >> and back at the capital the senate's democratic majority leader harry reid and republican minority leader mitch mcconnell offered their takes on the meeting. >> we had a good meeting down at the white house. we are engaged in discussions, the majority leader, myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. and so we'll be working hard to try to see if we can get there in the next 24 hours. and so i'm hopeful and optimistic. >> whate
it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began, several participants...
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Dec 26, 2012
12/12
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CNBC
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the rating agencies understand voting for a tax decrease is easier than tax increase. if this drags on to late january, the president is talking about using the inauguration as a forum to bash republicans, if this goes into february, they could come out irrespective of a deal going forward, aaa doesn't act like this. >> i think it's a problem if -- first of all, we don't get there. then there are down grades. that begins to sit in on corporate holdings. >> this is broader than insurance, major markets and holders. >> insurance is such a huge holder of corporate and municipal debt. the other thing, i think is interesting, i heard from the governor, i heard a statistic that rocked me back when i heard it, said in 2012, the first person to live to be 150 years old was born. think about the implications for that around annuities, social security, the medicare system. a lot of this is really not around poor management. i heard people saying it's been mismanaged. people are living so much longer than we ever expected. the retime ages set in 1800s. that is to a large degree w
the rating agencies understand voting for a tax decrease is easier than tax increase. if this drags on to late january, the president is talking about using the inauguration as a forum to bash republicans, if this goes into february, they could come out irrespective of a deal going forward, aaa doesn't act like this. >> i think it's a problem if -- first of all, we don't get there. then there are down grades. that begins to sit in on corporate holdings. >> this is broader than...
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Dec 24, 2012
12/12
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FBC
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it has been a tumultuous year for the markets.nd of so much uncertainty for tax policy in washington. somenalyststhe election itself. analysts predicting gains for ps 2016, as 14% o much as 20% in te markets. 14%. it is not working for me today. ink wouldout e scott, i can't say your name and utock market together. to tabo but i am going to get you to talk about santa claus. will we have a true santa claus rally? >> listen, think it'll b it wile tough to get one this year. i think there will be a lot of repositioning in portfolios coming toward the end of the year. a people are getting very nervous about the fiscal cliff. i was on the show a couple of weeks ago whe and i was not a tn concerned because i thought we would get a deal done.al it is starting to hurt people.ut a good call by you. frankly, gerri, that is what will hurt stocks and investors spending or appetite as s well.e gerri: i love it when you tell me i am right. it often doesn't last very longy i have got to think when we get some real claritytt on this no matter what whether it is good x or bad for investors and taxpay
it has been a tumultuous year for the markets.nd of so much uncertainty for tax policy in washington. somenalyststhe election itself. analysts predicting gains for ps 2016, as 14% o much as 20% in te markets. 14%. it is not working for me today. ink wouldout e scott, i can't say your name and utock market together. to tabo but i am going to get you to talk about santa claus. will we have a true santa claus rally? >> listen, think it'll b it wile tough to get one this year. i think there...
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Dec 24, 2012
12/12
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social policy should not be done through the tax code. john: and i agree. [applause] people would still give. >> i think that point* of view has a great deal of merit but i applaud respectfully say the charitable deduction is an important part of american life. we don't have giving because of the charitable deduction but because we've value that. it is an important mechanism to link communities and. john: the charity does not the deduction. >> is a signal of a set of values. john: from facebook. do think it is better to give time or money? >> is great to do both. john: pic one. >> i don't. [applause] i think the best way to understand how way charitable organization works is to help achieve the mission is put to your time where your money is. john: people who give time self report that it brings self report that it brings more happiness..so as you can ss customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer
social policy should not be done through the tax code. john: and i agree. [applause] people would still give. >> i think that point* of view has a great deal of merit but i applaud respectfully say the charitable deduction is an important part of american life. we don't have giving because of the charitable deduction but because we've value that. it is an important mechanism to link communities and. john: the charity does not the deduction. >> is a signal of a set of values. john:...
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Dec 28, 2012
12/12
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WRC
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persons and raise taxes on the country's top earners. it could include an extension of long-term unemployment benefits, spending cuts would also be postponed. >>> house speaker john boehner will be at today's meeting. he says the house will convene for a rare sunday evening session. eric cantor says the house could be in session until january 2nd. that's the day before the new congress is sworn in. boehner, meanwhile, still maintains that it's up to the senate at this point to make the first move. >>> going over the fiscal cliff could have a huge impact on the local economy. thousands of people could lose their jobs, especially federal employees and government contractors. the defense industry could face billions of dollars in cuts. >> i represent the third largest number of federal employees and probably the largest single number of federal contractors. so that federal nexus is really important to our economy. we immediate to end the uncertainty. >> economists say it is possible, though, this new terminology to step over if you will the
persons and raise taxes on the country's top earners. it could include an extension of long-term unemployment benefits, spending cuts would also be postponed. >>> house speaker john boehner will be at today's meeting. he says the house will convene for a rare sunday evening session. eric cantor says the house could be in session until january 2nd. that's the day before the new congress is sworn in. boehner, meanwhile, still maintains that it's up to the senate at this point to make the...
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Dec 30, 2012
12/12
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what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for people. you start to talk about budging a household. for the average family? >> 3500 bucks is the income tax hit. >> above what they're paying. >> and additional 3500 for median income. that goes up dramatically the wealthier you are. tens of thousands of dollars more. you could on the hook for a real hit. >> the argument is the wealthy won't feel it but they won't spend it either. >> that's the point. a lot of those people paying higher taxes own small businesses and will opt not to hire and it will ripple through the economy. >> it hurts when i
what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for...
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Dec 28, 2012
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tax code and if they bring it back they're getting whacked with tax code. we need friendly tax environment for corporations to spend the $1.2 trillion they're sitting on. gregg: if we go over the cliff that is not tax friendly. matt mccall, president of pns financial group. good to see you, matt. heather: we're seeing a bright spot in the u.s. economy. qord according to national association of realtors sales of new home were highest since april of 2010. a homebuyer tax credit caused then a spike in sales. it measures the number of americans who signed contracts to buy homes. the report also points to higher sales of previously occupied homes in the coming months. gregg: former president george h.w. bush remains in a houston hospital where he continues to recover from a persistent fever and a cough. a family spokesman just giving us some, a new details, an update on his condition. mike tobin is live outside methodist hospital with the latest. mike? >> reporter: the latest, gregg, the latest release we got included the phrase, continues to improve in relation
tax code and if they bring it back they're getting whacked with tax code. we need friendly tax environment for corporations to spend the $1.2 trillion they're sitting on. gregg: if we go over the cliff that is not tax friendly. matt mccall, president of pns financial group. good to see you, matt. heather: we're seeing a bright spot in the u.s. economy. qord according to national association of realtors sales of new home were highest since april of 2010. a homebuyer tax credit caused then a...
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Dec 24, 2012
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taxes himself. and we didn't talk about much in this except for mitt romney's character and his bank account and those things. it was a sort of the seinfeld election, the election about nothing. and e president won anyway. he returned to washington, and what we have now is an atmosphere here where people can't think about big stuff, they can't even conceive of the idea of doing big things. gregg: right. >> and it shouldn't be surprising to us now that as we get down to the end and we get to the cliff itself that what everybody's talking about is shrinking the field and just doing something desperate just to patch to get by into the new year. gregg: speaking of small and cynical, let me carry that forward -- [laughter] with the remarks of senator john barrasso who yesterday on fox news sunday said he thinks the president is eager to go over the cliff because he senses victory. the president senses victory at the bottom of the cliff. now, that's a pretty cynical point of view, but i wonder if it's rea
taxes himself. and we didn't talk about much in this except for mitt romney's character and his bank account and those things. it was a sort of the seinfeld election, the election about nothing. and e president won anyway. he returned to washington, and what we have now is an atmosphere here where people can't think about big stuff, they can't even conceive of the idea of doing big things. gregg: right. >> and it shouldn't be surprising to us now that as we get down to the end and we get...
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Dec 29, 2012
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clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american taxpayer hostage for eight days' worth of a deal? there should be a deal on the tax part. it should happen in the next few hours. this is an artificial deadline created by a bunch of politicians two summers ago because they couldn't consume to an agreement. so that's why we're here on the new year's eve trying to figure out how not to have taxes go up by 99.7% of americans, which is what will happen come new year's day. that's why i think you're going to get it. the politician doesn't want to be the one to say i created the largest tax hike in history. >> arthel: so michael, w
clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american...
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Dec 24, 2012
12/12
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no tax increases people below, but taxes for people above. he won. 60% of the voters said they were for it in the the exit polls, including some republicans. >> reporter: the president is still vacationing here in hawaii. white house officials are privately making it clear that you heard him last friday before he left the white house, i'll see you next week. if there is not some sort of christmas miracle and some sort of a deal over the next 24 hours very likely we'll see the president get on air force one in the next couple of days, right after christmas and head back to washington to find some sort of solution, kelly. kelly: hopeful people are following his advice and listening to christmas carols, drinking eggnog and talking to constituents. jaime: mistletoe extract could be good for your health. we'll talk about that. can bolt sidecan both sides bridge the gap before it's too rate or does one side want us to go off the fiscal cliff? washington insiders weigh in next. we'll be right back. with the spark miles card from capital one, thor ge
no tax increases people below, but taxes for people above. he won. 60% of the voters said they were for it in the the exit polls, including some republicans. >> reporter: the president is still vacationing here in hawaii. white house officials are privately making it clear that you heard him last friday before he left the white house, i'll see you next week. if there is not some sort of christmas miracle and some sort of a deal over the next 24 hours very likely we'll see the president...
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Dec 29, 2012
12/12
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CNNW
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the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an increase in the estate tax, which is also planned to hit in the new year. republicans would like, in order to be able to vote for some sort of deal, to limit that threshold and where -- a limit the threshold where the tax increase hits so maybe instead of $250,000 maybe $400,000, a way to avoid that estate tax increase, they would like no delay in those spending cuts, so that they will start to hit in the new year. and they would like democrats to agree to pay for the unemployment benefits. now we don't know if -- which of these items would be in the deal they're working out today, except
the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an...
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Dec 24, 2012
12/12
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CSPAN
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it is funded by payroll taxes. there's a 12.4% tax on wages up to about $110,000. you make more than that then any money you make over that is not taxed for social security. it is divided equally between your employer and the worker. for the past two years, the workers share has been reduced. that has saved, by the way, if you are an average worker that is $1,000 tax cut. host: we can see in this pie chart where that money comes from. payroll taxes making nearly 83% and interest and taxation of benefits. we see the payouts. benefits, 90% of the money spent goes to benefits and administrative expenses and retirement. what are some of the other numbers we're seeing? guest: the interest is from the trust fund. so when the last time social security in 1983 they put in a system that generated more money in tax revenue than were being paid out in benefits. a trust fund was built up. so when social security had that additional money, the treasury holds it. they invest it in treasury bonds and those bonds earn interest. that is where that big portion of your income for the
it is funded by payroll taxes. there's a 12.4% tax on wages up to about $110,000. you make more than that then any money you make over that is not taxed for social security. it is divided equally between your employer and the worker. for the past two years, the workers share has been reduced. that has saved, by the way, if you are an average worker that is $1,000 tax cut. host: we can see in this pie chart where that money comes from. payroll taxes making nearly 83% and interest and taxation of...
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Dec 30, 2012
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you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually generate? well, if we take about 12.4 days to run the federal government, that's the amount of money extra that the government would bring in to run the federal government. that's how much we spend in 12 days. so, all of this fighting back and forth, that's why so much is being said or lack of-- i guess i should say, lack of being said about cuts. and the real way we can grow this economy is cuts. get all of this out of control spending in place first. >> dave: right, and just the conversation alone that we're now having, the american people are the loser in this deal because none of this talk is abou
you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually...
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minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen: unfortunately, we don't know exactly what tax rate anyone is going to have because we still are in the fiscal cliff thing. you do recommend prepay state income taxes? >> if you're not in the amt, prepay state income taxes, prepay real estate taxes because you can get deductions. if you're deciding you want to save tacks for 2012. >> gretchen: prepay your 2013 mortgage so it can be included in 20 is it -- 2012. >> you can't pay your february one, but you can pay your january one because it's interest in december and you can g
minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen:...
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Dec 31, 2012
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the other tax, medical device tax, 2.8%, gross receipts tax on medical devices. that means whether the company makes money or not, it is still taxed at that 2.8% rate. and then finally, there is the 3.8% unearned income tax. they will get hit with that on capital gains and dividends. so these are major changes in tax policy that crept up on most people unawares because we've been focused on the other stuff. >> dave: yeah. that medical device tax in particular really hurts because it might stifle innovation, research and development. that's the last thing our medical industry can afford. but i want to ask you about this fiscal cliff. it appears, for at least the time being, john boehner is on the side line letting something get hashed down in the senate between mitch mcconnell and joe biden right now. let's just say if a deal comes out of the senate that puts this tax increase around half million dollars threshold, say it has satisfactory spending cuts, is there still any chance that type of bill gets enough republican support in the house to get signed into law a
the other tax, medical device tax, 2.8%, gross receipts tax on medical devices. that means whether the company makes money or not, it is still taxed at that 2.8% rate. and then finally, there is the 3.8% unearned income tax. they will get hit with that on capital gains and dividends. so these are major changes in tax policy that crept up on most people unawares because we've been focused on the other stuff. >> dave: yeah. that medical device tax in particular really hurts because it might...
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bracket -- tax bracket. i would like to retire someday and to hear that social security and medicare will be affected. we will not have the money to spend on anybody when i retire and these programs will be very adversely affected. host: when the two sides get back to that of for the 113th congress in what people are saying it is round two, senate republicans are saying no debt ceiling increase until president obama and democrats put social security and medicare on the table. what do you think? caller: i do think we should be looking at spending cuts. if we keep in the autumn of programs where they are now, we will not have anything for anyone -- if we keep entitlement programs where they are now, we will not have anything for anyone in a few years. i agree with republicans in that. we do need to protect our country and have the military be the best it can be, but i would say we do not need to give them more money. i think that is one area where i see things differently than our republican colleagues. host:
bracket -- tax bracket. i would like to retire someday and to hear that social security and medicare will be affected. we will not have the money to spend on anybody when i retire and these programs will be very adversely affected. host: when the two sides get back to that of for the 113th congress in what people are saying it is round two, senate republicans are saying no debt ceiling increase until president obama and democrats put social security and medicare on the table. what do you think?...
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Dec 31, 2012
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tax. it's hitting the single mothers, not the quote unquote the rich. it affects all of us. gregg: obamacare taxes will begin for individuals earning more than 200,000 and couples morning here than $250,000. >> most people think this doesn't affect me. this could trickle down, a lot of people in this bracket are the ones who have small businesses. so if they are getting hit more with higher taxes i'll see possibly layoffs of one or two people, multiply that by tens of thousands small businesses you'll see the consumer spend less. gregg: congress can handle it individually because the president signed an executive order giving them all pay raises. >> it's true. gregg: unbelievable. heather. heather: coming up president obama facing another key test as he approaches the start of his second term. the ongoing battle now turning to america's ports, as a strike deadline fast approaches. doug mcelway live from washington. doug, the complaints of longshoreman whose strike was temporarily averted l
tax. it's hitting the single mothers, not the quote unquote the rich. it affects all of us. gregg: obamacare taxes will begin for individuals earning more than 200,000 and couples morning here than $250,000. >> most people think this doesn't affect me. this could trickle down, a lot of people in this bracket are the ones who have small businesses. so if they are getting hit more with higher taxes i'll see possibly layoffs of one or two people, multiply that by tens of thousands small...